BSE Closes 300 Points Above at 34413, Nifty at 10576

Sensex bounced back by 368 pts

Doris Mccormick
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09 February, 2018, 03:19

Government bond yields extended their recent losses after the Reserve Bank of India (RBI) maintained a neutral policy stance in its recent review, which assuaged concerns of a near-term rate hike. The 30-share BSESensex was up 330.45 points or 0.97 percent at 34,413.16, and the 50-share NSENifty gained 100.20 points or 0.96 percent at 10,576.90. Domestic stocks, however, rallied after realising about the positive corporate earnings and investors' optimism of Asian markets.

After days of vulnerabilities, the market on Friday closed above the Wednesday's mark.

The RBI has projected a growth rate of 7.2 per cent for 2018-19 as the GST rollout stabilises and credit offtake improves. It shuttled between a high of 10,637.80 and low of 10,479.55.

According to the provisional data released by the stock exchanges, foreign portfolio investors (FPI) offloaded shares worth Rs 2,297 crores.

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However, Indian Oil Corporation, Aurobindo Pharma, Power Grid Corporation, Vedanta and ONGC were among the top losers in the Nifty pack of stocks. Overnight, US markets ended lower after a wild swing. In the last seven sessions, the sensex lost 2,200 points (6%) of which 1,882 points (5.2%) have been lost since the Budget, mainly due to a global stock market rout, re-introduction of long term capital gains (LTCG) tax by the finance minister and also fears about fiscal slippage in coming months.

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